Earlier quoted context omitted.
The economics only changed recently and infrastructure lasts a long time. It’s the same reason EV’s make up a far larger share of new car sales than a percentage of overall cars, EV’s sucked 20+ years ago yet there are a lot of 20+ year old cars on the road. The US stopped building coal power plants over a decade ago but we still have a lot of them. Meanwhile we’ve mostly been building solar, which eventually means w…
> The economics only changed recently and infrastructure lasts a long time This needs investment also. An investment poorer people cannot or do not want to do. It is reasonable that when someone gives up a couple of things because that person is rich (rich as in a person in the developed world) the sacrifice is more or less acceptable. Now change environment and think that these sacrifices are way worse. Even worse t…
The general premise of investments is that you end up with fewer resources by not doing them.
It now costs less to install a new solar or wind farm than to continue using an existing coal plant, much less if you were considering building a new coal plant, and that includes the cost of capital, i.e. the interest you have to pay to borrow the money for the up-front investment.
Poorer countries would be at a slight disadvantage if they have to pay higher than average interest rates to borrow money, but they also have the countervailing advantage of having lower labor and real estate costs and the net result is that it still doesn't make sense for anybody to continue to use coal for any longer than it takes to build the replacement.
It just takes more than zero days to replace all existing infrastructure.